Israel’s Government Companies Authority at the Ministry of Finance has completed the sale of 3.3 percent of the state's share capital in the nation’s telecommunications company Bezeq, to Gmul Sahar Underwriters in return for approximately 375 million Israel shekels ($85 million).

Minister of Finance Benjamin Netanyahu announced that the Ministerial Committee for Privatization, under his leadership, will convene during the next several weeks, to decide the next steps in the privatization of the company.

Gmul Sahar Underwriters offered a discount of 5.89 percent, on the average price of the Bezeq shares during the five days of trading that preceded the date of the Authority's request.

Director General of the Government Companies Authority, Eyal Gabbai stated that the proceeds generated will be invested by the state back in Bezeq, against the allocation of shares to the state, subsequent to the expansion of the company's registered capital by the company's general meeting.

Gabbai added that this sale is in line with the Ministry of Finance's guiding policy and principles regarding the privatization of Bezeq and the existing agreements with Bezeq regarding the raising of capital for the company. — (menareport.com)